CALGARY, Alberta and TORONTO, June 06, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) is providing this bi-weekly update on the status of the management cease trade order granted on May 9, 2025 (the “MCTO”) by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on May 8, 2025 (the “Default Announcement”) that it was unable to file its audited annual financial statements, ‎management’s discussion and analysis and related certifications for the year ended December ‎‎31, 2024 (the “Documents”) ‎on or before April 30, 2025, as required under applicable securities laws. The Company still expects to file the Documents by June 30, 2025.

There are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.

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